Looks like the McCains are practicing Republican economics — borrow and spend — in their personal life as well:
Sen. John McCain (R-Ariz.) and his wife reported more than $100,000 of credit card liabilities, according to financial disclosure documents released Friday.
The presidential candidate and his wife Cindy reported piling up debt on a charge card between $10,000 and $15,000. His wife’s solo charge card has between $100,000 and $250,000 in debt to American Express.
McCain’s wife also has a second American Express charge card listed on the senator’s financial disclosure that was carrying $100,000 to $250,000 in debt.
Another charge card with American Express, this one for a “dependent child,” is carrying debt in the range of $15,000 and $50,000.
Of course, carrying a large debt just proves that the McCains are regular folks — not like those elitist Obamas, who apparently live within their means.
Seriously, why would the McCains have so much credit card debt? Is there some reason they wouldn’t want to pay off the credit cards promptly, or is it conceivable that they actually have a liquidity problem despite Cindy’s vast wealth, or are they just so used to not having to worry about money that they (or their accountants) simply don’t pay that much attention to their personal finances? I assume they’re paying interest on all that debt, and are basically throwing money away, right? This doesn’t bode well for smart management of the Federal budget.